Magna AI, the global integrated-value-chain sovereign AI transformation leader powered by NVIDIA, has announced a strategic partnership with MBUZZ, a Saudi-headquartered ICT infrastructure company, that will see the duo deliver AI infrastructure and transformation services to enterprises across MEA region.
Companies listed on GCC exchanges reported aggregate net profits of $74.8 billion in Q2, up 31.3% over previous year. At the country level, the profit growth was led by Kuwait, Saudi Arabia, UAE and Oman, where firms posted double-digit y-o-y increases, according to Kamco Invest.
A Saudi-Chinese consortium comprising Armada and Zhangzhou United Waters has secured a SAR1.3 billion ($348 million) contract from National Water Company for the rehabilitation, operation and maintenance of nine sewage treatment plants (STPs) across Saudi Arabia.
Ericsson has announced that it has collaborated with Saudi telecom group Mobily on a skills development programme aimed at helping Saudi youth build digital, professional and leadership skills and better understand career opportunities in the ICT sector.
Saudi Arabia's National Water Company plans to tender later this year 51 sewage treatment plants with a total treatment capacity of 888,000 cu m per day. These projects will see private-sector partners undertake the rehabilitation, operation and maintenance services for a 15-year period.
Saudi builder Safari Construction has secured the main contract for the expansion of Hail International Airport. The scope of work includes rehabilitation of the existing terminal, construction of new airport facilities as well as development of associated infrastructure.
Saudi Arabian Mining Company (Maaden) has reported solid results for the second quarter with its net profit surging 13% to SAR2.18 billion ($580 million) and its revenue hitting SAR10.9 billion ($2.87 billion), helped by higher commodity prices and increased gold sales volumes.
Spanish water company Aqualia has secured a three-year contract renewal from National Shipping Company of Saudi Arabia (Bahri) for the operation and maintenance of three floating desalination plants in Yanbu with a combined capacity of 150,000 cu m of drinking water per day.
Saudi construction sector expanded for a third consecutive month in July, driven by stronger infrastructure and residential activity as new orders rose at the fastest pace in five months, according to the latest Saudi Construction Index compiled by leading financial services provider Alrajhi Capital.
Saudi Arabia has announced the opening of the 246-km Rafha-Hail Road, thus expanding the kingdom's transport network with a new route linking Rafha to Hail through the Hail-Baqaa Road. The road represents a vital artery within the kingdom's interregional road connectivity network.
